Income Tax : Tax planning while setting up of a business with reference to location (2021-2022 A.Y, A.Y 2022-2023 , A.Y 2023-2024 and A.Y 202...
Income Tax : Real estate sector is one of the most globally recognized sectors. It comprises of four sub sectors – housing, retail, hospi...
Income Tax : CA Manikanta PSLS Deduction under 80 IBA updated with Finance Act, 2021 (Affordable housing project Profits deduction under Income...
Income Tax : It is proposed to insert sub-section (1A) in the said section so as to provide for hundred per cent. deductions of the profits and...
Income Tax : After section 80-IB of the Income-tax Act, section 80-IBA shall be inserted with effect from the 1st day of April, 2017. The secti...
Income Tax : While presenting interim Budget 2019-20 For making more homes available under affordable housing, the benefits under Section 80-...
Income Tax : Mumbai ITAT's ruling on Colorplus Realty Limited vs. Dy. CIT case regarding deduction u/s 80IB for compensation received from insu...
Income Tax : ITAT Mumbai held that initiation of revisionary proceedings u/s 263 of the Income Tax Act justified as assessment order was passed...
Mumbai ITAT’s ruling on Colorplus Realty Limited vs. Dy. CIT case regarding deduction u/s 80IB for compensation received from insurance company for destroyed goods before sale.
ITAT Mumbai held that initiation of revisionary proceedings u/s 263 of the Income Tax Act justified as assessment order was passed by AO without proper inquiry and verification with regard to claim of deduction u/s. 80IA(4).
Tax planning while setting up of a business with reference to location (2021-2022 A.Y, A.Y 2022-2023 , A.Y 2023-2024 and A.Y 2024-2025)
Real estate sector is one of the most globally recognized sectors. It comprises of four sub sectors – housing, retail, hospitality, and commercial. Corporate environment and the demand for office space are few of the factors for the growth. This growth in the sector plays a substantial role in the increased prices of the lands […]
CA Manikanta PSLS Deduction under 80 IBA updated with Finance Act, 2021 (Affordable housing project Profits deduction under Income Tax Act, 1961) Introduction:- The real estate sector plays a important role in fulfilling the need and demand for housing and infrastructure in the country. The growth of this sector is well complemented by the growth […]
It is proposed to insert sub-section (1A) in the said section so as to provide for hundred per cent. deductions of the profits and gains derived from the business of developing and building affordable rental housing project.
After section 80-IB of the Income-tax Act, section 80-IBA shall be inserted with effect from the 1st day of April, 2017. The section was inserted by Finance Act, 2016. Where the gross total income of an assessee includes any profits and gains derived from the business of developing and building housing projects, there shall, subject to the provisions of this section, be allowed, a deduction of an amount equal to hundred per cent of the profits and gains derived from such business.
Deductions in respect of Profits and Gains from Housing Projects (Section 80-IBA)- In order to provide impetus to affordable housing sector to achieve the larger objective of ‘Housing for All’, section 80-IBA has been inserted.
Sub: Opinion on Section 80-IBA of Income Tax Act, 1961 (i.e Affordable Housing Scheme) (I) Facts of the Case: Brief Description on Section 80-IBA of Income Tax, 1961 (Housing For All) Scheme. (II) Analysis : Provisions of Section 80- IBA of Income Tax Act, 1961: (1) Deduction of 100% profits to Affordable Housing Projects: Where […]
To make purchase of house affordable and give tax incentives to Real Estate Developers Government in the current Union Budget 2016, have announced 100% deduction of the profits and gains derived from construction business, by insertion of new section 80 IBA of Income Tax Act, 1961. Following are the conditions under the scheme:
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